Item 1.01. Entry into a Material Definitive Agreement.
OnJanuary 24, 2022 (the "Closing Date"),Professional Holding Corp. (the "Company") andValley National Bank , entered into an extension (the "Valley National Extension") of that certain Promissory Note (Revolving) (the "Note") datedDecember 19, 2019 , as extendedJanuary 7, 2021 , and further extendedMay 10, 2021 , in the amount of$10.0 million . The principal balance outstanding pursuant to the Note on the Closing Date was$10.0 million . The Valley National Extension, among other things, extended the maturity date of the Note toMarch 1, 2023 , and increased the availability under the Note from$10.0 million to$25.0 million . The other material terms of the Note were unchanged. The foregoing description of the Valley National Extension is qualified in its entirety by reference to the complete text of the Valley National Extension, a copy of which is attached as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth in Item 1.01 is hereby incorporated by reference to this Item 2.03.
Item 9.01. Financial Statements and Exhibits.
Exhibit No. Description 10.1 Extension datedJanuary 24, 2022 , to the
Promissory Note (Revolving) dated
December 19, 2019 , extended as ofJanuary 7, 2021 ,
and extended as of May
10, 2021, by and betweenProfessional Holding
Corp. and Valley National
Bank. 104 Cover Page Interactive Data File (embedded within
the Inline XBRL Document)
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